Escrow Process in Buying and Selling of Businesses with Scott Armstrong
Release Date: 11/27/2020
Buying PM companies with Mynd and now Atlas Real Estate with Vincent Deorio
Property Manager Broker
Welcome to the Property Manager Broker Podcast with your hosts, Brad Larsen and Phil Mazur. Today's guest is Vincent Deorio, and we are discussing the acquisition game that is going on in the property management world. We also talk about buying property management companies, his experience with Mynd, and now Atlas Real Estate.
info_outline
Buying and Selling Property Management Companies with Stacey Salyer
Property Manager Broker
Welcome to the Property Manager Broker Podcast with your hosts, Brad Larsen and Phil Mazur. Today's guest is Stacey Salyer, out of western Washington. We are going to be talking about buying and selling property management companies and specifically Stacey's experience with buying a management company and buying a group of homes under management as a way to increase her company's size for revenue.
info_outline
Full Circle with Amy Karns
Property Manager Broker
Welcome to the Property Manager Broker Podcast with your hosts, Brad Larsen and Phil Mazur. Today's guest is Amy Karns, a property management company operator with a lot of experience getting into the business, building a business, selling a business, moving and re-establishing a business, and potentially getting another business ready for sale later on down the road. Amy has come full circle a couple of times in the property management company world, selling and buying into an organization. This is a reall
info_outline
Escrow Process in Buying and Selling of Businesses with Scott Armstrong
Property Manager Broker
“Plan your work and work your plan.” Welcome to the Property Manager Broker Podcast with your hosts, Brad Larsen and Phil Mazur. Today's guest is Scott Armstrong, an escrow officer servicing businesses nationwide. Scott will talk about the escrow process in buying and selling businesses, how it all works, and some risks involved. Scott's knowledge is endless, so tune in and see if you can walk away with some tidbits that you can use.
info_outline
Growing, Selling Your Property Management Company Experience with Sean Morrissey
Property Manager Broker
“If you own a property management company, you own an asset.” Welcome to the Property Manager Broker Podcast with your hosts, Brad Larsen and Phil Mazur. Today's guest is Sean Morrissey; he is an investor that uses his property management experience and systems to help scale his real estate investment portfolio. Listen as he discusses selling a property management company and the lessons he learned. His knowledge is endless, so tune in and see if you can walk away with some tidbits that you can use.
info_outline
Deep Dive With Clint Collins on Buying and Selling
Property Manager Broker
Welcome to the Property Manager Broker Podcast with your hosts, Brad Larsen and Phil Mazur. Today's guest is Clint Collins is sharing his experience selling his property management company and moving to a new market. Clint will discuss lessons learned, what worked, what didn't, and what he would do differently. Listen to this interesting conversation and see if you can learn anything from Clint's experience.
info_outline
BOOK REVIEW: Buy Then Build
Property Manager Broker
In this episode, Brad Larsen and Phil Mazur have a discussion centered around the book “Buy Then Build” by Walker Deibel. This book can serve as a living and breathing operation manual on buying or selling a business.
info_outline
What we do to Value Your Company
Property Manager Broker
In this episode, Brad Larsen and Phil Mazur discuss at length how Property Management companies are valued and all the different approaches to include multipliers that are common to the industry.
info_outline
Introducing the Property Manager Broker Podcast
Property Manager Broker
Introduction to the Property Manager Broker. In this episode, Brad Larsen and Phil Mazur discuss the new service of helping sellers and buyers come together in the buying and selling of Residential Property Management Companies.
info_outline
Preview
Property Manager Broker
Coming soon. Subscribe now.
info_outline“Plan your work and work your plan.” Welcome to the Property Manager Broker Podcast with your hosts, Brad Larsen and Phil Mazur. Today's guest is Scott Armstrong, an escrow officer servicing businesses nationwide. Scott will talk about the escrow process in buying and selling businesses, how it all works, and some risks involved. Scott's knowledge is endless, so tune in and see if you can walk away with some tidbits that you can use.
Scott shares what his company does, what a third party contractual agreement is, and the risks of trying to handle a sale on your own. Scott speaks about the reports his company files with the IRS and the benefits and pitfalls of using a traditional title and escrow company.
Listen as Scott discusses how they assist with an owner-financed sale, the language that needs to be in the escrow agreement around trigger events, and whether it is common to see earned money from a buyer go into an escrow account until closing. In closing, Phil gives his insights into the big picture of why using experts is so important.
In this episode:
[02:16] Scott shares his background and what his company does.
[03:00] Scott defines a third party contractual agreement.
[05:45] Phil discusses using a third party company to help close transactions on businesses he has purchased.
[07:25] Scott talks about the risks of trying to handle a sale on your own without a third-party intermediary to have your back.
[10:42] Do you know the legal ramifications of the actions you are taking?
[12:20] Scott speaks about the reporting his company does to the IRS.
[13:33] Scott talks through the benefits and pitfalls of traditional title and escrow companies.
[15:49] Scott shares what they do in assisting with the owner financing side.
[17:32] Scott recommends that a seller always put language into the escrow agreement if the buyer cannot raise the money.
[19:04] Phil wants to know how his company deals with a difference in interpreting what a trigger event is.
[22:32] Is it common to see earnest money from a buyer go into escrow until closing?
[24:58] Phil speaks about the big picture around using experts in escrow.
[26:16] Scott shares a story about a sale that went sideways and the fallout.
[28:34] Phil discusses trust accounts and certification of the escrow accounts.
[30:25] Scott talks about mark to market evaluations.
[33:35] Scott shares how to contact him.
[35:05] Thank you for listening!
Links and Resources:
469-497-7436